Optimism was never anticipated to be this high until the old chaps from Wall Street made it official that resisting the change is futile making up their minds to give blockchain a chance.
Intercontinental Exchange (ICE), Goldman Sachs, Morgan Stanley and Citigroup have decided to go with blockchain to make banking as effortless as possible. The firms cited above, though having the same aim, have taken on alternate paths to reach their goals.
Goldman has and continues to keep researching over the Digital Ledger Technology (DTL) and is planning to make a move by introducing its own Bitcoin derivative to the front lines in this cryptocurrency war. They’ve been looking into mobile banking and its influence that’s been taking over potential consumers. This has set a proper channel for making their way through the thick and thin that lies ahead.
Citigroup and cryptography have mixed in an unusual way. Banking giant, Citigroup introduced the Digital Asset Receipt (DAR). The bank will provide Digital Asset Receipts to customers while a middleman (a trustworthy firm) will be employed to hold the crypto-dough, legitimizing crypto trade. This means that Citigroup will be free from the hassle of maintaining anything while trading in cryptocurrency as it is.
Morgan Stanley came around to the idea once it became imminent that the world was shifting in a whole new direction. Rejuvenated the think tank and came up with the end product of accepting cryptocurrency to be a guiding light. That being said, the bank claims to be technically prepared for trading in for Bitcoins. What remains is an unwavering resolution from the clients that they want it.
Backed by Microsoft and Starbucks comes in a new Bitcoin exchange named Bakkt, that will be launched by ICE in November. The service is aimed at making the cryptocurrency exchange as simple as possible for its regulation worldwide. Clients will be handed out Bitcoins, at a set price, the day after they’ve applied for it – a day’s gap between transactions.
The admittance of Wall Street into cryptocurrency has stirred up talk and while that is under discussion, the people on the blockchain keep things running to make sure Bakkt makes it this November.